New York Times Says "Lack Of Major Wars May Be Hurting Economic Growth"

Tyler Cowen writing in the New York Times, came up theory to explain the "continuing slowness of economic growth in high-income economies." In his own words: "An additional explanation of slow growth is now receiving attention, however. It is the persistence and expectation of peace."

Ukraine gets ready for Russian gas cut

Ukraine’s prime minister ordered gas companies to prepare for possibility of Moscow cutting off gas supplies in next three days over disputed bills. EU-mediated talks failed after Ukraine refused Russian President Vladimir Putin’s offer of price of USD 385 per 1,000 cubic meters.

Spain will include money from drug trade and sex work in calculating GDP

The measure, complies with new European Union rules meant to ensure that all member states use the same methodology to estimate the size of their economy. Britain and Italy announced they would start including revenues from drug trafficking and prostitution in their GDP calculations.

US pressures El Salvador to buy Monsanto's GMO seeds

As one of the preconditions to authorizing close to $300 million in aid, the United States is pressuring El Salvador to purchase genetically modified seeds from Monsanto instead of non-GM seeds from local farmers.

Without Donetsk rest of Ukraine would be bankrupt and much poorer - political analyst

Donetsk makes 23% of GDP and 13% of industrial production in Ukraine. This means that without Donetsk Republic the rest of Ukraine would be bankrupt and much more poorer than it is now, essentially could be called the economic engine. Why does Donetsk need the rest of Ukraine?

The federal government has bagged an unprecedented $360 million from household bank accounts since a controversial change to unclaimed money laws, figures from the Australian Securities and Investments Commission show.

Chase to Charge Customers Fees For Handing Cash Deposits

Beginning August 1st of this year, JP Morgan & Chase Co. will charge their customers for depositing cash into their accounts. According to an internal document sent to account holders, in less than a month from now “the fee for all types of Cash Deposit Processing (CDP) will be $0.25 per $100.

Pakistan High Court Bans GM Crop Licenses for GMO Corn, Cotton

This decision will result in a complete stall of all supply and sale of GM seeds in Pakistan, especially those which are altered with high pesticide and herbicide resistance. Considering that these crops have elsewhere been found to cause super bugs, super weeds, and human and animal illnesses,

Merkel: G7 leaders abstain from further sanctions against Russia

German Chancellor Angela Merkel: Leaders of the Group of Seven most industrialized countries (G7) decided to abstain for the moment from imposing further sanctions against Russia, intend to discuss Ukraine with Russian President Vladimir Putin in France this week .

International Labor Organization details impact of global austerity

United Nation’s International Labor Organization (ILO): More than 70 percent of world’s population lack adequate income, health care, old-age pensions, other social protections, Governments continue to slash social safety net as unemployment, poverty grows, result of the global economic crisis.

McDonald's CEO: 'We Will Support' A Minimum Wage Hike

McDonald's CEO Don Thompson recently suggested his company would support a bill, proposed by President Barack Obama, raising the federal minimum wage to $10.10 an hour from $7.25. "I will tell you we will support legislation that moves forward."

Infrastructure Sticker Shock: Financing Costs More than Construction

Funding infrastructure through bonds doubles the price or worse. Costs can be cut in half by funding through the state’s own bank. A general rule for government bonds is that they double the cost of projects, once interest has been paid.

US set to slap $10bn fine on BNP Paribas over alleged violation of sanctions-Video

France’s biggest bank, BNP Paribas, facing $10 billion fine over charges it violated US sanctions against Iran and other countries. US Justice Department pushing bank to plead guilty to charges, pay one of biggest penalties imposed on a financial institution

Over one million people in Spain - the eurozone's fourth largest economy - haven't had a job since 2010, according to a report by Spain's National Statistics Institute. Although this number continues to rise, the government says it's witnessing recovery.

Ukraine making 1st gas payment to Russia

Ukraine said Friday that it ordered a $786 million payment to Russia in a first step toward paying off its gas debts, and another round of talks aimed at resolving the two countries' dispute over gas prices and preventing a possible supply cutoff was set for Monday.

227 million Americans may be compelled to disclose intimate details of their families and financial lives -- including their Social Security numbers -- in a new national database being assembled by two federal agencies.

U.S. House of Representatives Slams Sanctions on Venezuela

U.S. House of Representatives voted overwhelmingly for sanctions. Appeal by Representative John Conyers of Michigan and 13 other progressive Democrats who opposed sanctions, called for restoration of diplomatic relations between the two nations was ignored.

INTERVIEW: Economic Sanctions to Hurt EU, Benefit Russia

Economic sanctions against Russia, the European Union will hurt its own importers, while Russia will only benefit from the restrictions which will stop capital outflow, reorganize its financial system and stimulate import-substituting production, Russian presidential aide Sergei Glazyev told RIA Novosti.

Russia dumping record amount of Treasurys, buying gold, 900,000 ounces continues to purchase gold, certainly won't be storing its physical metal with any of the western Central Banks. China and Russia consider further steps to shift to national currencies in bilateral transactions.

Judges Approve USDA Confiscating Farmers' Harvests

Ninth U.S. Circuit Court of Appeals ruled that the U.S. Department of Agriculture taking 47% of a farmer's harvest does not violate the Fifth Amendment's takings clause as long as the government aims to drive up crop prices.

Plan to do away with cash transactions in Israel. Individuals and businesses still permitted to conduct cash transactions in small amounts, goal to force citizens to conduct business using electronic payment. Believe “cash is bad,” fuels underground economy, allows people to avoid paying taxes.

Russia’s central bank has prohibited the offices of nine Ukrainian banks in Crimea to continue their operations. The banking authority said this in a statement on Monday. Depositors will be compensated by recently established fund to protect rights of depositors in Crimea, the central bank said.

The Road to Recovery Must Pass Through Tax Reform

Our tax system is incredibly burdensome, costing Americans millions of dollars and wasting money that could be spent paying the bills. Our corporate tax rate is one of the highest in the world, making us less competitive in the global marketplace.

Transatlantic Trade Pact: Literally and Figuratively Toxic

WASHINGTON (VR)— This week saw the fifth round of secret negotiations between the US and the EU on the Transatlantic Trade and Investment Partnership (TTIP), which is designed to cement the hegemony of multinational corporations, in part by providing channels for them to avoid environmental, safety, and labor regulations that could impinge on their profitability.

Amid More Recalls, GM Sees Strong Sales

There is more trouble for auto giant General Motors. Nearly two-hundred thousand cars made by the Detroit giant for Japanese automaker Suzuki are being recalled as steering columns in the Suzuki Forenza and Reno models manufactured between 2003 and 2008 could catch on fire. The cars were made in South Korea by GM, for Suzuki, but sold in the US.

The Robots Are Coming, And They Are Replacing Warehouse Workers And Fast Food Employees

Amazon will be using 10,000 robots in its warehouses by end of year to fulfill customer orders. UBR-1, 4-foot tall robot could perform tasks done by human workers. Can work alongside humans or autonomously in workspace filled with people. Costs $50,000, can work all day and all night.

Financial Conduct Authority announced that it fined Barclays £26 million for manipulating "the setting of the price of gold in order to avoid paying out on a client order, by placing, withdrawing and re-placing a large sell order for between 40,000 oz and 60,000 oz of gold bars.

Sanctions will have boomerang effect on West - Putin

Criticising the United States, he said the vision of a "unipolar" world had failed and hailed European companies for taking a more "pragmatic" approach to Russia. The European Union, heavily reliant on Russian gas supplies, has been more reluctant than Washington to impose tough sanctions on Russia.

Colorado’s Marijuana Legalization Creates 10,000 New Jobs

Colorado is reporting 10,000 new jobs, all from the legalization of both recreational and medical marijuana, doesn’t include jobs created by medical marijuana sales. $40 million in tax revenue in the first year. The state now enjoying one of the lowest unemployment rates in the nation – 6%.

Turkey begins exporting Iraqi Kurdistan oil-Video

Turkey’s Energy Minister Taner Yildiz says the country has begun exporting the first cargo of crude oil from Iraq’s semi-autonomous Kurdistan region to international markets. The Turkish minister declined to comment on the buyer as the sale was carried out by the Iraqi Kurdistan.

Lawmakers warn Russian banks against giving up data under US FATCA

The head of the Lower House financial markets committee: until Russia passes a law, any report to US tax authorities about a client accounts in Russian banks would be violation of bank secrecy. MP Natalya Burykina (United Russia): bank employees who permit it could face criminal prosecution.

Modern-day slavery a $150bn-a-year business – UN report

UN: 21 million people are working as modern day slaves, victim to trafficking, forced labor and sexual exploitation, The illicit market in exploited people generates billions of dollars in profit worldwide. remains virtually invisible, hidden behind a wall of coercion, threats and economic exploitation.

Unemployment and Poverty Have Stricken Record Numbers of Americans

According to an article by Huffington Post business writer, Hope Yen, about 4 out of 5 adults in the U.S. are jobless, near-poverty level or rely heavily on government assistance for at least some of their day-to-day needs.

Ukraine rejects Russia’s demand to prepay for gas-Video

Ukraine warned future gas shipments stop June 3 if not paid for in advance. Kiev refused to pay for natural gas upfront as a protest to Russia’s decision to almost double former gas prices. Russia willing to resume gas talks with Ukraine if the European country settles part of its gas debt.

Swiss bank Credit Suisse pleaded guilty Monday to the charge that it facilitated wealthy Americans who sought to commit tax evasion, becoming the first major bank to admit criminal wrongdoing in over 20 years and agreeing to pay $2.6 billion in fines.

Here's The Painful Truth About What It Means To Be 'Working Poor' In America

In a nation that has long operated on the principle that an "American Dream" is available to anyone willing to try hard enough, the term "working poor" may seem to have a bright side. Sure, these individuals struggle financially, but they have jobs -- the first and most essential step toward lifting oneself out of poverty, right?

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